Daily Technical Report
December 23, 2013
Sensex (21080) / Nifty (6274)
Exhibit 1: Nifty Daily Chart
The concluding session of the week started on a muted note on
the back of quiet Asian bourses. The index then advanced
gradually as the day progressed. During the final hour, a
strong buying in all sectors led the index to close at the highest
point of the session. Except Consumer Durables, all other
sectors closed in the positive territory. The rally was mainly led
by the Oil & Gas, Realty and Banking stocks. The advance to
decline ratio was strongly in favor of the advancing counters.
(A=1528 D=978)(Source-www.bseindia.com)
Formation
The ’89-day EMA’ and the ’89-week EMA’ are placed at
20328 / 6047 and 19176 / 5755 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
20822 / 6197 and 20320 / 6046 levels, respectively.
The daily momentum oscillators are now witnessing a
positive crossover.
The ‘Bearish Engulfing’ Japanese candlestick pattern on
Source: Falcon
the weekly chart is still intact.
Trading strategy:
Actionable points:
The market witnessed significant volatility and see-saw
View
Neutral
movement during the week and it were the bulls who had the
Support Levels
6170 - 6129
last laugh. As estimated in our previous report, the index gave
decent respect to the 61.8% Fibonacci retracement level of
Resistance Levels
6327 - 6363
6149. Considering the hourly chart structure along with the
positive placement daily momentum oscillators, we expect the
Nifty to retest 6350 - 6415 if it manages to sustain above
6285 level. On the flipside, the ‘Bearish Engulfing’ pattern
formed during the previous week is still intact. Hence, last
week’s low of 6129 is now a crucial support for the index. Any
sustainable move below this level would trigger significant
pessimism in the market. In this scenario, we expect the index
to slide towards the strong support zone of 6050 - 5970 levels.
The coming week is likely to trade with low volatility on account
of lack of participation from the FIIs.
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Daily Technical Report
December 23, 2013
Bank Nifty Outlook - (11292)
Exhibit 2: Bank Nifty Daily Chart
The banking counters too contributed to Fridays’ rally but
overall the price action in the Bank Nifty remained below
par. While the Nifty closed at the highest point of the
week, the Bank Nifty remained lackluster in comparison
and has closed just below the “20 day EMA” level of
11318. As mentioned in our previous report, the 'Upward
Sloping Trend Line' (please refer the exhibit) continues to
act as a decent support. Going forward, 11400 - 11506
levels are seen as an immediate resistance levels for the
index. On the flipside, 11074 - 10952 may provide
decent support for the index.
Actionable points:
View
Neutral
Support Levels
11074 - 10952
Resistance levels
11400 - 11506
Source: Falcon
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Daily Technical Report
December 23, 2013
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
20,609
20,844
20,981
21,216
21,353
NIFTY
6,129
6,202
6,243
6,316
6,357
BANKNIFTY
10,984
11,138
11,228
11,382
11,472
ACC
1,058
1,078
1,089
1,108
1,119
AMBUJACEM
172
176
178
182
185
ASIANPAINT
478
484
488
494
498
AXISBANK
1,236
1,257
1,271
1,291
1,305
BAJAJ-AUTO
1,855
1,893
1,918
1,956
1,980
BANKBARODA
623
637
647
661
671
BHARTIARTL
316
322
326
332
336
BHEL
159
163
165
169
171
BPCL
329
337
341
348
353
CAIRN
315
322
326
333
336
CIPLA
398
400
402
403
405
COALINDIA
279
282
284
286
288
DLF
155
159
161
165
168
DRREDDY
2,437
2,475
2,496
2,534
2,555
GAIL
331
335
339
343
347
GRASIM
2,527
2,579
2,614
2,666
2,701
HCLTECH
1,220
1,229
1,240
1,249
1,261
HDFC
755
779
793
817
832
HDFCBANK
643
654
661
672
680
HEROMOTOCO
2,036
2,083
2,108
2,155
2,181
HINDALCO
117
118
119
120
121
HINDUNILVR
545
557
563
575
581
ICICIBANK
1,057
1,072
1,081
1,097
1,106
IDFC
99
102
104
107
108
INDUSINDBK
413
419
423
429
433
INFY
3,480
3,516
3,544
3,580
3,609
ITC
308
312
314
317
319
JINDALSTEL
246
248
251
253
256
JPASSOCIAT
51
52
53
54
55
KOTAKBANK
707
720
728
741
749
LT
1,035
1,048
1,056
1,069
1,077
LUPIN
898
909
917
928
936
M&M
915
942
957
985
1,000
MARUTI
1,750
1,780
1,805
1,835
1,860
NMDC
130
133
135
138
140
NTPC
133
135
135
137
137
ONGC
272
278
282
289
293
PNB
561
578
589
606
617
POWERGRID
97
98
99
100
101
RANBAXY
446
451
455
459
464
RELIANCE
849
872
885
908
921
RELINFRA
401
415
422
436
443
SBIN
1,705
1,728
1,743
1,766
1,781
SESAGOA
199
201
203
205
208
SUNPHARMA
562
571
578
586
594
TATAMOTORS
363
369
373
378
382
TATAPOWER
87
89
90
92
93
TATASTEEL
407
413
416
421
424
TCS
2,068
2,094
2,112
2,138
2,156
ULTRACEMCO
1,675
1,710
1,739
1,774
1,803
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Daily Technical Report
December 23, 2013
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
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Head - Technicals
Sameet Chavan
-
Technical Analyst
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